Meritage Homes Corp. (MTH) announced a third quarter loss of $18 million or $0.56 per share, compared to a loss of $144 million or $4.69 per share in the third quarter last year.
On average, nine analysts polled by Thomson Reuters expected the company to report a loss of $0.63 per share. Analysts' estimates typically exclude special items.
The company said the improved results in 2009 benefited from lower pre-tax real estate-related impairment charges of $13 million in 2009, compared to $55 million of similar charges in 2008.
Total closing revenue for the quarter was $231.8 million, compared to $374.7 million in the previous year period. Seven Wall Street analysts expected revenues of $233.41 million.
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